The global marine gensets market is forecasted to grow at a CAGR of 3.71% from 2016 to 2021 and reach a value of USD 5.40 Billion by 2021. The growth will be mainly driven by increased commercial vessels, and rise in ship-building activity. The new ship-buildings were dominated by dry bulk carriers and container ships in China and Japan with South Korea dominating in container ships and gas carrier.
Marine gensets are used in various vessel types such as commercial vessels, offshore support vessels, defense vessels and other vessel types. The report shows that there is high demand for commercial vessels, which is one of that factors that will drive the growth of marine gensets market. The reports is further sub-segmented into commercial vessels by types such as bulkers, container ships, cargo vessels, LNG carriers, LPG carriers, pure car carriers, chemical carriers. The commercial vessel demand will grow because of maritime trade and increased world-wide demand for natural gas.

The report segments the marine gensets market by fuel type. Diesel fuel dominates the marine gensets segment by fuel type. However, with stringent emission norms coming into effect, there will be an increase in the demand for cleaner-fuels such as IFO, MDO, and MGO. The report also indicates the rise of gas-powered and dual-fuel marine gensets with new product launches by leading players.

The report segments the marine gensets market by power ratings. Up to 1000 kW is the most prominent segment by power ratings. This range is used in commercial vessel and offshore vessel. Maritime trade accounted for nearly 90% of the global trade in 2015. Commercial vessels are used in maritime trade, which leads to an increase in marine gensets market particularly for medium and low capacity.

The report also segments the marine gensets market into six regions, namely, North America, Asia-Pacific, Europe, Middle East & Africa, and Latin America. Asia-Pacific region is expected to dominate the marine gensets market and is also expected to be the fastest growing in the projected period. The marine gensets market is mainly driven by the rise of ship-building industry, especially in China, South Korea, and Japan, which accounted for more than 80% of new-builds in 2015. China will be the fastest growing market for marine gensets with growing investments in the ship-building industry.

The marine gensets restraint mainly because of stringent emissions norms for diesel engine powered by marine gensets and decreased in oil and gas activity has resulted in reduction of FPSO and offshore vessel.

The marine gensets market is dominated by global players which include MAN Diesel & Turbo SE (Germany), Wärtsilä (Finland), Caterpillar, Inc. (U.S.), Mitsubishi Heavy Industries (Japan) and Rolls-Royce Power Systems AG (Germany). Key strategies adopted by various companies include contracts & agreements, new product launch, expansions, mergers & acquisitions and joint ventures. Contracts & agreements was the most commonly used strategy from 2014 to 2016, comprising of 57% of all developments, followed by new product launch which consisted of 24% of all developments during the same period.